Quanex Building Products reported QQ1 2025 net sales of $400 million, up 67% year over year, driven primarily by the Timon acquisition which closed in August 2024. Excluding Timon, net sales would have declined about 6.2% in the quarter due to softer volumes, underscoring the mixed demand backdrop outside the acquisition footprint. Adjusted EBITDA rose to $38.5 million, marking margin expansion of approximately 150 basis points year over year, as synergies from the Timon integration began to realize. However, the company still reported a net loss of $14.9 million (-$0.32 per diluted share) for the quarter, with the gap largely attributable to acquisition-related costs, including step-up inventory, restructuring, and other one-time items embedded in the adjustments to arrive at adjusted earnings. Management reaffirmed full-year 2025 guidance: net sales of $1.84–$1.86 billion and adjusted EBITDA of $270–$280 million, with Q2 2025 revenue expected to rise 9–11% and adjusted EBITDA margin expanding 350–400 basis points versus Q1. The Timon acquisition is the primary growth engine, but Quanex is also progressing toward its planned three-segment public reporting (Hardware Solutions, Extruded Solutions, Custom Solutions) to drive margin improvements and enable scalable, global operations. Near-term risks include a persistently uncertain macro backdrop, tariff volatility, and seasonality, which the company addresses through a localized supply chain and ongoing cost-synergy capture. Strategically, Quanex is leveraging synergies, expanding regional capacity (e.g., Jackson, GA), and pursuing opportunistic share repurchases to optimize capital allocation while maintaining debt discipline.